Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 14,997 - -
Change - -45.33% 20.17% 33.02% 56.59% -58.76% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 1,096 -723.6 -2,702
Change - -79.44% 46.56% 63.31% 85.24% -95.48% -166.03% -273.36%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.05x 8.39x 7.9x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.06x 0.93x 0.84x
PEG - 0.7x -0x 0x 0.2x -0.2x 1.07x 1.27x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 1.87x 1.76x 1.69x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.14x -0.09x -0.3x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 0.7x -0.41x -1.43x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 0.74x -0.43x -1.45x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 0.59x -0.38x -1.34x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 170% -260% -74.6%
Dividend per Share 2 - - - - - - 1.26 2.9
Rate of return - - - - - - 1.77% 4.07%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 7.878 8.497 9.027
Distribution rate - - - - - - 14.8% 32.1%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,040 8,507 8,892
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,564 1,751 1,886
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,490 1,693 1,858
Net income 1 -2,056 -221.5 734.2 1,562 2,748 1,644 1,824 1,979
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -13,901 -15,721 -17,699
Reference price 2 127.90 68.55 81.47 107.31 167.14 71.30 71.30 71.30
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,333 - -
Announcement Date 24/3/22 23/2/23 29/2/24 20/2/25 11/2/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.05x0.14x0.7x-.--% 2.24B
-336.46x1.45x15.3x-.--% 39.32B
20.3x2.19x10.51x3.83% 29.06B
51.93x3.58x26.43x-.--% 22.62B
18.77x2.45x10.26x2.88% 14.03B
37.73x2.91x7.37x1.78% 12.84B
36.59x2.21x18.61x2.37% 11.67B
55.02x0.85x6.67x2.11% 10.66B
-357.93x9.13x-954.26x-.--% 9.8B
26.54x3.17x13.57x1.39% 8.26B
Average -43.85x 2.81x -84.49x 1.44% 16.05B
Weighted average by Cap. -80.82x 2.64x -44.90x 1.47%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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